Why Iceland?: How One of the World's Smallest Countries Became the Meltdown's Biggest Casualty (GENERAL FINANCE & INVESTING) - Hardcover

Jonsson, Asgeir

Hardcover

ISBN 10: 0071632840 ISBN 13: 9780071632843

Publisher: McGraw Hill, 2009

Synopsis

As late as the mid 1980s, Iceland’s economyrevolved around little else than a semi-robustcod-fishing industry. By the end of the century, however,it had transformed itself into a major player inworld finance, building an international bankingempire worth twelve times its GDP. The tiny islandnation of 300,000 was one of the global economy’sgreat success stories.

And then everything came crashing down.

Why Iceland? is the inside account of one ofthe economic meltdown’s most fascinating andfar-reaching tragedies. As Chief Economist ofKaupthing Bank, the country’s largest bank beforethe collapse, Ásgeir Jónsson is perfectly suited toexamine Iceland’s collapse in painstaking detail.He witnessed behind-the-scenes events firsthand,such as an intriguing meeting in January 2008 whena group of international hedge fund managersgathered in a bar in Reykjavik to discuss Iceland’seconomy―an informal affair that eventually becamethe center of a criminal investigation by thecountry’s Financial Supervisory Authority.

This inside account examines the pressing issuesbehind history’s biggest banking collapse:

• How did Iceland transform itself fromone of Europe’s poorest to one of itswealthiest countries?
• What happened to cause the destructionof the nation’s banking industry during asingle week of October 2008?
• Was it the result of a speculation “attack”by hedge funds on the nation’s currency?

Iceland remains the biggest casualty of theeconomic downturn, and the ramifications of itscatastrophic failure reach deeply into the economiesof Europe, the United States, and other globalmarkets. Ásgeir Jónsson offers a unique perspectiveand an expert’s insight into the rise and fall of thisonce-proud banking giant.

Why Iceland? provides the who, what, where, andwhen of Iceland’s demise, serving as a fascinatingread and providing the understanding necessary forforecasting when and where the aftershocks willshake up markets in other parts of the world.

"Fearsome Vikings discovered Iceland. Hedge funds knocked it down. It was a humiliating tumble for the former financial powerhouse, which was proud of its status in Europe. A late bloomer, Iceland had been the last country in Europe to be settled, the Nordic nation rapidly caught up with its wealthier relations. It was all fine until October 2008, when country's banking system collapsed in a week. Written by an Icelandic economist, Why Iceland? chronicles the meltdown, in the context of the nation's history."--New York Post (A "Required Reading" Selection)

About this title

Review:

A provocative, urgently important case study in international finance.
--New York Times, August 16, 2009

Provides a rich socio-political account of Iceland's boom and collapse, with the technical background to steer through the complex financial engineering of the banks involved.
--Business Plus, October 1, 2009

This book looks at the rise of their banks, their overnight failure... and the effects of this on the future global economy.
--Accountancy Ireland, December 1, 2009

This excellent book is a valuable information source for financiers as well as being a great story for the general reader. --Economic Outlook and Business Review, April 1 2010

This excellent book is a valuable information source for financiers and a great story for general readers.
--Economic Outlook and Business Review, April 1,2010

From the Back Cover:

The Saga of an Empire that Disappeared Overnight

In October 2008, Iceland became the unlikely epicenter of the catastrophic global banking collapse. In a few short years the tiny nation on the periphery of Europe had built a banking empire to rival any other on the planet. Then, within a single week in October 2008, the entire country collapsed. Investors in the UK alone are believed to have lost £8 billion in the fallout. And that's just the tip of the iceberg. Effects of the crisis continue to manifest themselves around the globe.

Why Iceland? provides the most thorough and insightful account to date of history's greatest banking collapse. Written by Icelandic banking insider Ásgeir Jónsson, this behind-the-scenes book covers:

• Iceland's remarkable rise as a global financial powerhouse
• Events leading to its overnight collapse
• The critical roles played by the US and UK future effects on the global economy

As Iceland's banking industry attempts to rebuild itself, with help from the IMF, the world's markets brace themselves against as-yet unknown impacts sure to result from the collapse. Why Iceland? combines the drama of a potboiler novel with expert analysis from a world authority on the subject.

About this edition

• Publisher: McGraw Hill
• Publication date: 2009
• ISBN 10: 0071632840
• ISBN 13: 9780071632843
• Binding: Hardcover
• Number of pages: 224